Brazil thinks it can do it all as it refuses to curb fossil fuel production, despite IEA warnings, while expecting to still meet environmental goals. Meanwhile, Equinor, ExxonMobil, and Petrogal Brasil agree on the huge phase one development of Brazil’s Bacalhau oil field. This week, Norway’s Equinor, ExxonMobil, and Petrogal Brasil have announced an $8 billion phase one development of Brazil’s Bacalhau oil discovery. The former two oil majors have a 40 percent stake each in Bacalhau, with Petrogal holding 20 percent. The Bacalhau oil field contains light oil with minimal contaminants. It is situated around 185km off the Ilhabela, Sao Paulo coast at a depth of 2,050m. Equinor will manage operations at the oil field, with first oil expected by 2024. Output could be as high as 220,000 bpd in the major discovery, according to the companies. The break-even price of the oil is an optimistic $35 per […]